ILW.COM - the immigration portal Immigration Daily

Home Page


Immigration Daily

Archives

Processing times

Immigration forms

Discussion board

Resources

Blogs

Twitter feed

Immigrant Nation

Attorney2Attorney

CLE Workshops

Immigration books

Advertise on ILW

VIP Network

EB-5

移民日报

About ILW.COM

Connect to us

Make us Homepage

Questions/Comments


SUBSCRIBE

Immigration Daily


Chinese Immig. Daily




The leading
immigration law
publisher - over
50000 pages of
free information!
Copyright
1995-
ILW.COM,
American
Immigration LLC.

Results 1 to 6 of 6

Thread: Trillion Dollars in New Taxes

  1. #1
    Here's the change; more of the same.

    Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011
    February 26, 2009 12:00 PM

    President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.

    1) On people making more than $250,000.

    $338 billion - Bush tax cuts expire
    $179 billlion - eliminate itemized deduction
    $118 billion - capital gains tax hike

    Total: $636 billion/10 years

    2) Businesses:

    $17 billion - Reinstate Superfund taxes
    $24 billion - tax carried-interest as income
    $5 billion - codify "economic substance doctrine"
    $61 billion - repeal LIFO
    $210 billion - international enforcement, reform deferral, other tax reform
    $4 billion - information reporting for rental payments
    $5.3 billion - excise tax on Gulf of Mexico oil and gas
    $3.4 billion - repeal expensing of tangible drilling costs
    $62 million - repeal deduction for tertiary injectants
    $49 million - repeal passive loss exception for working interests in oil and natural gas properties
    $13 billion - repeal manufacturing tax deduction for oil and natural gas companies
    $1 billion - increase to 7 years geological and geophysical amortization period for independent producers
    $882 million - eliminate advanced earned income tax credit

    Total: $353 billion/10 years

  2. #2
    Here's the change; more of the same.

    Obama's Budget: Almost $1 Trillion in New Taxes Over Next 10 yrs, Starting 2011
    February 26, 2009 12:00 PM

    President Obama's budget proposes $989 billion in new taxes over the course of the next 10 years, starting fiscal year 2011, most of which are tax increases on individuals.

    1) On people making more than $250,000.

    $338 billion - Bush tax cuts expire
    $179 billlion - eliminate itemized deduction
    $118 billion - capital gains tax hike

    Total: $636 billion/10 years

    2) Businesses:

    $17 billion - Reinstate Superfund taxes
    $24 billion - tax carried-interest as income
    $5 billion - codify "economic substance doctrine"
    $61 billion - repeal LIFO
    $210 billion - international enforcement, reform deferral, other tax reform
    $4 billion - information reporting for rental payments
    $5.3 billion - excise tax on Gulf of Mexico oil and gas
    $3.4 billion - repeal expensing of tangible drilling costs
    $62 million - repeal deduction for tertiary injectants
    $49 million - repeal passive loss exception for working interests in oil and natural gas properties
    $13 billion - repeal manufacturing tax deduction for oil and natural gas companies
    $1 billion - increase to 7 years geological and geophysical amortization period for independent producers
    $882 million - eliminate advanced earned income tax credit

    Total: $353 billion/10 years

  3. #3
    Kennedy, Reagan, Clinton solution to recession: Cut taxes, Cut Government Spending, Peace; Success rate 100%

    FDR, Bush, Obama solution to recession: Raise taxes, expand government, War; Success rate 0%

  4. #4
    SOM - you forgot to mention the Bush/Obama policy of throwing money around willy-nilly.
    --------------------
    "I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them. " - Thomas Jefferson

  5. #5
    JC; I said expand government which includes spending money like crazy but your point is well taken. Kennedy and Reagan limited government to true national interests (although the threat of Soviet Union was exaggerrated); Clinton did bot have Soviet Union to worry about so he saved some bucks there; but failed to do enough to take care of the new threat of Muslims. Without the Soviet Union, these fanatics turned their attention towards the US.

  6. #6
    Wanna hear something really tragic?

    I miss Clinton. Compared to where we are now, at least he was moderate. If only he'd gotten Bin Laden when he had the chance...
    --------------------
    "I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them. " - Thomas Jefferson

Similar Threads

  1. Avida Dollars
    By OldE3 in forum Immigration Discussion
    Replies: 1
    Last Post: 05-21-2012, 11:14 PM
  2. Video: Two Trillion Tons - Sung by the Ghost of Tennessee Ernie Ford
    By WendyGitl in forum Immigration Discussion
    Replies: 7
    Last Post: 07-02-2009, 01:50 PM
  3. Reward of 5000 Dollars
    By Bob Singh in forum Immigration Discussion
    Replies: 81
    Last Post: 09-21-2004, 11:17 AM
  4. second H1b renewal and 1000 dollars exemption
    By in forum Immigration Discussion
    Replies: 2
    Last Post: 04-22-2003, 06:30 PM

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •  
Put Free Immigration Law Headlines On Your Website

Immigration Daily: the news source for legal professionals. Free! Join 35000+ readers Enter your email address here: